families, Of the 24 firms or concerns existing in 1800 only nine survived in 1810, at which period the remainder had passed into other hands. Of the 138 concerns existing in 1846, only four were in the possession of the same firms or families who held them previous to 1800, and upwards of 80 of those established previous to 1831 were still in existence, but of these 50 had been formed subsequently to 1821. The cotton manufacture seems to exceed all other manufactures for the extraordinary fluctuations to which it is subject. In the early stages of its progress there was little of the spirit of speculation, but at various periods of the present century, it has been severely influenced by a disposition for adventure, in pursuit of inordinate gain. VVhen trade was brisk, many shopkeepers and even operatives, and other classes of men who had saved a few pounds, or received legacies from relatives, or obtained possession of a little capital in various ways, embarked their savings in the cotton business, became partners with others similarly situated to themselves, or adventured singly on their own account as occupiers of small portions of mills. From such beginnings as these, several manufacturers laid the foundations of great fortunes, and he who had once been tenant of one or two rooms of a small mill, rendered himself in a few years the proprietor, perhaps, of not only one but of several extensive mills. Many others, however, were not so fortunate. After endeavouring in vain to make way in the world, some perished in the attempt in the course of a few months, and some, after struggling a few years, involved themselves in ruin, the result, no doubt, in many instances, of want of perseverance and tact.

During the four years from 1821 to 1824, 15 new cotton mills were erected in the township of Oldham, namely, Werneth, Lyon, Priory, Lower house, Dirtcar, Clarksfield, Union, Medlock, Fountain, Pew nook, Lee, Bow street, Rosehill, Springhill, and Coppice ; the tenth at Hollinwood, three at Waterhead mill, and others in

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